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Sector
Energy
Size
Mid Cap
Market Cap £459.8m
Enterprise Value £1.36bn
Revenue £116.4m
Position in Universe 506th / 1828

Billionaire Fredriksen's Flex raises $300 mln for more LNG ships

Thu 11th October, 2018 7:31am
OSLO, Oct 11 (Reuters) - Flex LNG  FLNG.OL , controlled by
Norwegian-born billionaire John Fredriksen, has raised $300
million in a private placement of shares to help pay for five
new vessels costing $918 million, it said on Thursday.
    Fredriksen's companies typically add high-yield bond issues
and bank loans at a later time to pay the cost not covered by
share sales.
    When the vessels are delivered from the yards of South
Korea's Daewoo (DSME)  042660.KS  and Hyundai (HHI)  009540.KS 
in 2020 and 2021, Flex LNG will have a fleet of 13 ships, Flex
said.
    Fredriksen himself bought shares for $100 million, cutting
his overall stake in the firm to 44.6 percent following the
placement from 49.9 percent.
    The new shares of Oslo-listed Flex were sold at 14.25
Norwegian crowns each, a five percent discount to Wednesday's
closing price of 15 crowns, and the placement was "significantly
oversubscribed", it said.
    DNB Markets, Pareto Securities AS, ABN AMRO Bank, Arctic
Securities, Fearnley Securities and Skandinaviska Enskilda
Banken acted as managers for the share sale, the company said.

 (Reporting by Terje Solsvik; editing by Jason Neely)
 ((terje.solsvik@thomsonreuters.com; +47 918 666 70; Reuters
Messaging: terje.solsvik.thomsonreuters.com@reuters.net))
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